How fast a competitor counters your bid during an auction will increase your desire to win—and likely your willingness to pay for the auctioned product, according to a new study by a pair of University of Alberta business ...

Paintings by Edward Hopper and Willem de Kooning sold for nearly $92 million and $69 million respectively in New York on Tuesday, setting new world record auction prices for each artist, Christie's said.

An exceptionally rare pink diamond of nearly 19 carats fetched 50.3 million Swiss francs ($50 million, 44 million euros) at auction in Geneva Tuesday, Christie's said, setting a new per-carat record for a stone of its kind.

A wheelchair used by physicist Stephen Hawking has sold at auction for almost 300,000 pounds ($393,000), while a copy of his doctoral thesis fetched almost 585,000 pounds ($767,000), auctioneer Christie's said Thursday.

New research released today by WWF and TRAFFIC reveal that China's elephant ivory trade ban has had significantly positive effects since coming into force on 31 December 2017, but still requires further action to influence ...

Auction

An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.

There are several variations on the basic auction form, including time limits, minimum or maximum limits on bid prices, and special rules for determining the winning bidder(s) and sale price(s). Participants in an auction may or may not know the identities or actions of other participants. Depending on the auction, bidders may participate in person or remotely through a variety of means, including telephone and the internet. The seller usually pays a commission to the auctioneer or auction company based on a percentage of the final sale price.